Vascular Biogenics Ltd. shares plunged after it reported its lead product VB-111 failed a late-stage clinical trial for treating the most common type of brain cancer.
The Israeli biotechnology company's stock price was down 63.97% in pre-market trading March 8 to $2.45 per share.
The company was determining whether a combination of VB-111 with Roche Holding AG's Avastin was better than administering Avastin — also known as bevacizumab — alone.
The drug combo failed to meet its primary endpoint of improving the survival of patients with recurrent glioblastoma. On average, brain cancer patients survive for 12 to 15 months from the time they are diagnosed.
"We are disappointed that our encouraging phase 2 data were not replicated in the GLOBE phase 3 study, and once we receive the full and final data we will be analyzing them carefully to better understand the outcome of the study," VBL CEO Dror Harats said in a statement.
VB-111 continues to be studied as a treatment for ovarian cancer.
Vascular Biogenics operates as VBL Therapeutics.
